Event of Termination Without Change of Control. Upon the occurrence of an Event of Termination, other than in connection with a Change of Control as provided in Agreement paragraph 7(c), the Company shall pay to Executive, or in the event of his subsequent death, to his designated beneficiary or beneficiaries, or to his estate, as the case may be, as liquidated damages, in lieu of all other claims, a severance payment equal to Executive’s Total Compensation (defined in this Agreement as the sum of (i) any Incentive Compensation paid to Executive during the twelve (12) months preceding termination of employment under this Agreement plus (ii) the greater of one year of the then current Base Salary or the then current Base Salary which would have been payable over the remaining balance of the Initial Employment Term. Subject to the provisions in Agreement paragraph 7(e), the then current Base Salary component of said severance payment shall be paid in twelve (12) equal monthly installments beginning thirty (30) days following the Event of Termination and any Incentive Compensation component of such severance payment shall be paid in a lump sum on the first day of the seventh (7th) month following the Event of Termination. In addition, all outstanding options to purchase common stock of the Company or the Bank Holding Company, as applicable, granted under this Agreement shall become 100% vested in accordance with Agreement paragraph 4(d). In addition, during the period that Executive and his eligible dependents are entitled to continued health plan coverage under Section 4980B of the Code (“COBRA”), the Company shall reimburse Executive, on a monthly basis, the amount paid by Executive for the COBRA health plan coverage of Executive and his eligible dependents. If Executive’s right to COBRA health plan coverage ends before the second anniversary of the Event of Termination, then the Company shall make a cash payment to Executive, on a monthly basis, equal to the COBRA premium for the type and level of coverage provided to Executive and his eligible dependents immediately before the cessation of COBRA coverage. The monthly cash payment shall be payable during the period beginning with the month following the termination of Executive’s COBRA coverage and ending with the twenty-fourth (24th) month following the Event of Termination. The Company’s obligation to provide the severance payments, reimbursement of COBRA premiums and other payments described in this Agreement paragraph 7(b) is subject to the conditio...
Event of Termination Without Change of Control. Upon the occurrence of an Event of Termination, other than after a Change of Control as provided in paragraph 7(c) hereof, and if Executive faithfully abides by all of the covenants contained in Section 9 of this Agreement, Employers shall pay to Executive, or in the event of his subsequent death, to his designated beneficiary or beneficiaries, or to his estate, as the case may be, as liquidated damages, in lieu of all other claims, a severance payment equal to one (1) times Executive's Total Compensation (defined as the sum of the then current Base Salary plus any Incentive Compensation paid to Executive during the immediately preceding twelve (12) months), to be paid in equal installments and in accordance with Employers' regular payroll practices for the twelve (12) month period following the date of said Event of Termination.
Event of Termination Without Change of Control. Upon the ---------------------------------------------------- occurrence of an Event of Termination other than after a Change of Control (as hereinafter defined), the Bank shall pay to the Executive monthly, or in the event of his subsequent death, to his designated beneficiary or beneficiaries, or to his estate, as the case may be, as severance pay or liquidated damages, or both, during the period below described a sum equal to the highest monthly rate of salary paid to the Executive at any time under this Agreement. Such payments shall commence on the last day of the month following the date of said event of termination and shall continue until the date this Agreement would have expired but for said occurrence, with such occurrence being viewed as a determination by the Bank not to extend the Agreement as provided for in paragraph 3 of this Agreement. Notwithstanding the foregoing, in no event shall all such payments made pursuant to this subparagraph 8(b) exceed three times the final annual rate of salary being paid to Executive as of the date of termination.
Event of Termination Without Change of Control. Upon the occurrence of ---------------------------------------------- an Event of Termination, other than after a Change of Control as provided in paragraph 7(c) hereof, Employer shall pay to Employee, or in the event of his subsequent death, to his
Event of Termination Without Change of Control. Upon the ---------------------------------------------- occurrence of an Event of Termination, other than after a Change of Control as provided in paragraph 7(c) hereof, Employee, or in the event of her subsequent death, her designated beneficiary or beneficiaries, or her estate, as the case may be, shall receive, as liquidated damages, in lieu of all other claims, a severance payment equal to Employee's Total Compensation (defined as the sum of the then current Base Salary plus any Incentive Compensation paid to Employee during the immediately preceding twelve (12) months), to be paid in full on the last day of the month -- following the date of said Event of Termination.
Event of Termination Without Change of Control. Upon the occurrence of an Event of Termination, other than after a Change of Control as provided in paragraph 7(c) hereof, and if Executive faithfully and fully abides by all of the covenants contained in Section 9 of this Agreement, the Bank shall pay to Executive, or in the event of his subsequent death, to his designated beneficiary or beneficiaries, or to his estate, as the case may be, as liquidated damages, in lieu of all other claims, a severance payment equal to one (1) times Executive’s then current Base Salary, to be paid in equal installments and in accordance with the Bank’s regular payroll practices for the twelve (12) month period following the date of said Event of Termination, with such payments commencing with the Company’s first regular payroll that occurs after the sixtieth (60th) day following the date of said Event of Termination and continuing for twelve (12) months; provided that the first such payment shall consist of all amounts payable to Executive pursuant to this Section 7(b) between the date of said Event of Termination and the first payroll date to occur after the sixtieth (60th) day following the date of said Event of Termination.
Event of Termination Without Change of Control. Upon the ---------------------------------------------- occurrence of an Event of Termination other than after a Change of Control (as hereinafter defined), the Bank shall pay to the Executive monthly, or in the event of his subsequent death, to his designated beneficiary or beneficiaries, or to his estate, as the case may be, as severance pay or liquidated damages, or both, during the period below described a sum equal to the highest monthly rate of salary paid to the Executive at any time under this Agreement. Such payments shall commence on the last day of the month following the date of said event of termination and shall continue until the date this Agreement would have expired but for said occurrence, with such occurrence being viewed as a determination by the Bank not to extend the Agreement as provided for in paragraph 3 of this Agreement.
Event of Termination Without Change of Control. Upon the occurrence of an Event of Termination other than after a Change of Control (as defined in Paragraph 8(d) hereof), the Bank shall pay to Executive monthly, or in the event of his subsequent death, to his designated beneficiary or beneficiaries, or to his estate, as the case may be, as severance pay or liquidated damages, or both, during the period described below a sum equal to the highest monthly rate of salary paid to Executive at any time under this Agreement. Such payments shall commence on the last day of the month following the date of said Event of Termination and shall continue as follows:
Event of Termination Without Change of Control. Upon the occurrence of an Event of Termination, other than after a Change of Control as provided in paragraph 7(c) hereof, the Bank shall pay to Executive, or in the event of his subsequent death, to his designated beneficiary or beneficiaries, or to his estate, as the case may be, as liquidated damages, in lieu of all other claims of the Executive, a severance payment equal to two (2) times Executive's then current Base Salary, to be paid in full on the last day of the month following the date of said Event of Termination.
Event of Termination Without Change of Control. Upon the ---------------------------------------------- occurrence of an Event of Termination, other than after a Change of Control as provided in paragraph 7(c) hereof, Employee, or in the event of his subsequent death, his designated beneficiary or beneficiaries, or his estate, as the case may be, shall receive, as liquidated damages, in lieu of all other claims, a severance payment equal to three (3) times Employee's then current Total Compensation paid to Employee during the immediately preceding twelve (12) months, to be paid in full on the last day of the month following the date of said Event of Termination. The responsibility for making such severance payment shall be allocated among Employers and the Holding Company in whatever manner they deem appropriate.
